Logan Announces Positive Results from the Nevada Brik Drill Program
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Logan Announces Positive Results from the Nevada Brik Drill Program
March 1, 2017
VANCOUVER, BRITISH COLUMBIA, Logan Resources Ltd. (LGR: TSX-V) (“Logan” or the
“Company”) is pleased to announce that it has received encouraging resul ts for an initial, eight
hole RC program at its Brik gold property in Nevada. Highlights include:
Hole 16-01 intersected significant oxide gold presence near-su rface and returned 33.53m
grading 1.11 g/t Au
Hole 16-02 intersected heavily oxidized vein material at depth and returned 33.52m
grading 1.15 g/t Au
The Brik property is subject to a previously-announced Option A greement (news release July 7,
2016) with Pilot Gold (USA) Inc. (“Pilot”). Under the Option Agreem ent, Logan can earn a 51%
participating interest in four of nine properties by incurring US$1.0 million in total expenditures in
the first 12 months after closing and by issuing 9.9% of its issued and outstanding common shares
to Pilot upon completion of the first financing ( news release August 18, 2016 ). Additional
mechanisms are in place that would allow Logan to earn up to 80% in the selected properties.
The Brik property is located in the Cedar Range of Lincoln County, Nevada. Brik is one of several,
low sulfidation epithermal gold and silver systems in southeast ern Nevada that occur in an area
of nested volcanic calderas. The claim block includes multiple exploration targets of which one,
Hidden Treasure, was the focus of Logan’s exploration program. The target centers on a
prominent silicified knob that includes phases of milky quartz, chalcedonic quartz, and quartz
breccia, covering an area roughly 200 x 200 meters. As reporte d in the news release dated
September 20, 2016 , targets tested include the gold-bearing silica cap, deeper mi neralization
thought to be controlled by steep structures, and geophysical targets likely to represent additional
zones of silicification favorable for gold mineralization.
A total of eight holes were drilled for 1,380 meters. Hole 16-0 1 demonstrated the presence of
significant oxide gold in the near-surface and returned 33.53m @ 1.11 g/t Au (1.52 – 35.05m) .
Holes 16-01 and Hole 16-03 also intersected deeper, oxidized go ld mineralization controlled by
NW trending structures. An important result of the program is the expansion of the permissive
stratigraphy to the east; hole 16-03 was prematurely terminated in rhyolite grading 1.37 g/t, for
the first time demonstrating grade beyond the andesite contact. Perhaps most significantly, hole
16-02 tested a deep CSAMT resistor and returned 33.52m grading 1.15 g/t Au in heavily oxidized
vein material (211.84 – 245.36m). Logan regards this hole as a significant “proof of concept”
providing solid evidence that cost-effective ground geophysical surveys will generate additional
drill targets.
Logan has completed limited additional test work on the drill c hip rejects, including CN soluble
gold analyses, metallic sieve analyses, and a study of the dist ribution of gold in different size
fractions. Results support the presence of coarse gold in higher grade samples, and preferential
occurrence of gold in the coarser size fraction materials. This, along with the brecciated character
of the host rock, is believed to contribute to relatively high, intrinsic variability in this deposit.
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Taken together, these results enhance our understanding of the basic geometry of the gold-
mineralizing system at Brik, and give us confidence that the system extends to depth and can be
effectively targeted utilizing ground geophysical surveys.
Logan is now incorporating these results into the existing 3D L eapfrog model, and considering
options for further exploration of the property.
Complete assay results for the Logan 2016 RC drilling program can be found in the table below.
Hole NAD83
Az. Inc
TD TD From To Interval From To Interval Au Au
ID East North (ft) (m) (ft) (ft) (ft) (m) (m) (m) (g/t) (oz/ton)
BK1601 741935 4173203 50 -70 605 184.40 5 115 110 1.52 35.05 33 .53 1.11 0.032
including 5 50 45 1.52 15.24 13.72 2.29 0.067
485 490 5 147.83 149.35 1.52 0.42 0.012
BK1602 741951 4173186 50 -78 970 295.66 0 5 5 0 1.52 1.52 0.87 0.025
65 120 55 19.81 36.58 16.77 0.44 0.013
including 110 115 5 33.53 35.05 1.52 1.49 0.043
695 805 110 211.84 245.36 33.52 1.15 0.034
including 745 770 25 227.08 234.70 7.60 1.99 0.058
BK1603 741985 4173154 50 -65 335 102.11 310 355 45 94.49 108.2 13.71 0.47 0.014
including 350 355 5 106.68 108.2 1.52 1.37 0.04
BK1604 741887 4173226 0 -90 165 50.29 0 95 95 0 28.96 28.96 0.4 6 0.013
including 50 60 10 15.24 18.29 3.05 1.52 0.044
BK1605 741856 4173279 90 -60 760 231.65 270 275 5 82.3 83.82 1. 52 0.52 0.015
470 500 30 143.26 152.4 9. 14 0.038 0.011
665 670 5 202.69 204.22 1.53 0.50 0.015
715 720 5 217.93 219.46 1.53 2.27 0.066
BK1606 741943 4173032 240 -65 500 152.40 No Significant Results
BK1607 742109 4172984 230 -75 645 196.60 330 340 10 100.58 103. 63 3.05 0.21 0.006
595 600 5 181.36 182.88 1.52 0.30 0.009
BK1608 741923 4173230 40 -60 525 160.02 0 15 15 0 4.57 4.57 0.4 0 0.012
170 185 15 51.82 56.39 4.57 0.80 0.023
360 470 110 109.73 143.26 33.53 0.48 0.014
including 360 370 10 109.73 112.78 3.05 0.89 0.026
and 415 420 5 126.49 128.02 1.53 2.81 0.082
and 445 465 20 135.64 141.73 6.09 0.75 0.022
Composite assays for the 2016 Logan drilling program at Hidden Treasure (note: widths are down
hole; true widths may be less)
All samples are prepared from drill cuttings processed through a rotary splitter on site in Nevada.
Split drill cutting samples are then sent to ALS Chemex Laborat ories, an independent laboratory
located in Reno, Nevada for total gold, sequential gold, and mu lti-element analyses. Standards,
blanks, and duplicate assays are included at regular intervals in each sample batch submitted
from the field as part of an ongoing Quality Assurance/Quality Control Program.
The technical information within this news release has been reviewed and approved by Dr. Craig
S. Bow, Vice President Exploration for Logan. Dr. Bow is a Qualified Person as defined in NI 43-
101. Dr. Bow has verified the data underlying the exploration results disclosed in this news release
by reviewing the data archive for completeness and confirming t he adequacy of the procedures
related to sampling, sample preparation, sample security, as we ll as reviewing the qualifications
of the laboratories providing the sample results and analytical procedures.
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About Logan Resources Ltd.
Logan Resources Ltd. (LGR: TSX-V) is a junior exploration company in the business of acquiring
and advancing mineral properties. Logan’s focus is on actively exploring nine gold properties in
Nevada and Utah, USA that are under option from Pilot Gold Inc. Logan also has a 20% carried
interest in the Gorilla Lake uranium property, and has a 100% i nterest in the Redford iron ore
property on Vancouver Island, Canada. Redford is a former produ cing iron ore mine. For more
information, please visit www.loganresources.ca.
Logan Resources Ltd. is part of the King & Bay West Group of
companies. King & Bay West is a merchant bank and
management services company tha t specializes in identifying,
funding, developing and managing growth opportunities in the
resource and technology sectors.
LOGAN RESOURCES LTD.
On behalf of the Board
“Mark Morabito”
Chief Executive Officer
For further information regarding this news release, please contact:
Jennifer Paterson, Manager of Corporate Development
T: 604-681-8030 x 248
www.loganresources.ca
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking
information contained in this news releas e includes, but is not limited to, statement s with respect to (i) the exploration pote ntial and prospective nature
of the properties disclosed in this news release, (ii) the detail s of future exploration plans and potential results, and (iii) potential gold mineralization on
the properties.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or "w ill be taken", "occur" or "be achieved" suggesting fut ure outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained
in this news release is based on certain factors and assumpt ions regarding, among other things, the estimation of mineral resou rces, the realization of
resource and reserve estimates, gold and other commodity prices, the timing and amount of future exploration and development ex penditures, the
estimation of labour and operating costs, the availability of ne cessary financing and materials to continue to explore and deve lop the Company’s
properties in the short and long-term and to acquire new properties , the progress of exploration and development activities, th e receipt of necessary
regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or
claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they
may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainti es and other factors which may cause the actual result s, performance or
achievements of the Company to be materiall y different from any future results, perf ormance or achievemen ts expressed or implie d by the forward-
looking information. Such factors include risks inherent in the exploration and development of mineral deposits, risks relating to variations in mineral
resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks
relating to changes in gold and other commodity prices and the worldwide demand for and supply of gold and related products, risks related to increased
competition in the market for gold and related products and in the mining industry generally, risks related to current global f inancial conditions,
uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct
of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that
might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits,
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financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and deve lopment activities on the
Company’s properties, or to acquire new properties, may not be available on satisfactory terms, or at all, risks related to dis putes concerning property
titles and interest, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable
Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ m aterially from those
described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news
release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-
looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.